Preference for Availing Private Transportation
Increased
awareness on health and hygiene brought about by the advent of COVID-19 is a
major determinant for the shift in consumer’s preference in availing private
transportation medium rather than utilizing public transport. The shifting
preference and integration of electric two-wheeler vehicles in the industry
coupled with increasing per capita disposable income, which expanded with a
CAGR of 3.7% in between FY’17 and FY’22, served as major catalysts for the
growth in two-wheeler aftermarket services industry.
Impact of COVID-19
Lockdowns
imposed around the country during the years FY’21 and FY’22 severely hampered
the production and distribution capabilities of the major OEMs for two-wheelers
in the country. Additionally, with work-from-home mandate in place for majority
of the working professionals, the sale of two-wheelers was negatively impacted
as there was no need for mobility, showcasing a 10.4% contraction in sales
Y-o-Y in between FY’21 and FY’22.
Request For Sample
Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTE1MDY2
Positive Impact of Reverse Migration
Due to the COVID-19 pandemic, the capital of a lot of
the local garage/unorganized outlet owners were wiped off permanently due to
closure of business. As a result of which various daily wage workers from local
garages have migrated back to their natives thereby, reducing the accessibility
of local garages in comparison to the pre-pandemic time period. This has
positively impacted the scope for organized multi-brand players such as Hoopy
and Garage Works looking to enter the space and expand its customer base.
Transition from BS-IV to BS-VI Emission Standards
Two-wheeler
aftermarket servicing companies especially OEM and multi-brand players have
initiated imbibing technologies to ensure that a vehicle complies with the
BS-VI emission standards as mandated by the central government since April
2020, followed by an aftersales service. However, advanced technological
integration by local garages remains a pain point as they do not possess the
necessary financial stability to invest in these technologies which would
ensure servicing a two-wheeler complying with necessary emission standards.
Growth Drivers for Two-Wheeler Spare Parts Aftermarket
Industry
The
rise in duty on specific items such as engine and transmission parts amongst
others from 7.5-10% to 15% since FY’19 contributed in boosting business
potential for domestic manufacturing units. Coupled with this, several
government initiatives such as NATRIP acted as a catalyst for the growth of
two-wheeler spare parts industry in India, which aims to generate core global
competencies, providing low-cost product development solutions to
manufacturers, and enables seamless integration of automobile component
industry in India to be at par with global standards.
Competitive Landscape in India Two-Wheeler Aftermarket
Services Industry
India’s
two-wheeler aftermarket services industry is highly fragmented with presence of
large number of OEMs, organized and unorganized multi-brand dealers across the
country. OEM workshops enjoy moderate to high power in the initial years as 70%
of service fee for newer two-wheelers are covered under warranty. However, post
the warranty period of two-wheelers OEMs and organized multi-brand workshops
face stiff completion from local garages due to the ease of access coupled with
lower service fee charged. Followed by the advent of COVID-19, players in the
ecosystem mainly organized multi-brand dealers such as Hoopy and Garage Works
are enhancing their digital presence across platforms to expand their customer
base as consumers are prone to avail online medium for booking and choosing a
platform that best suits their interest.
The publication titled ‘India
Two-Wheeler Aftermarket Services Industry Outlook to 2027: Driven by growing
sales of two-wheelers and shifting consumer preference towards availing private
transportation medium” provides a comprehensive analysis of the
aftermarket services industry by analyzing historical statistics and
corresponding developments in the aftermarket industry. The report covers
various aspects including aftermarket services industry market size on the basis
of revenue and number of vehicles serviced, overview and genesis, ecosystem,
two-wheeler sales, two-wheeler parc, analysis of different workshops (organized
multi-brand, unorganized multi-brand/local garages and OEMs), growth trends and
developments, key decision making parameters for two-wheeler servicing, Porter
5 Forces Analysis, government initiatives, impact of COVID-19, and risk factors
governing the future outlook of industry. Insights on competitive landscape of
aftermarket services industry and cross comparison between major players
operating in the ecosystem namely, OEMs, organized multi-brand and spare parts’
manufacturers is also covered in the report on the basis of operational and
financial parameters such as company profile, operational model, USP, business
model, business strategy, services offered, sourcing of spare parts, pricing
packages, pain points, market share, recent developments, sales volume, total
income, net profit margin, inventory turnover ratio, total expenses, net profit
and sale of spare parts. Further, the report covers overview of the spare parts
industry on the basis of market size (revenue generated), classification of
spare parts type (engine components, suspension/braking, transmission,
electronics, body & chassis, cooling systems and others) and cross
comparison of spare parts’ manufacturers on the basis of operational and
financial parameters (overview, USP, key customers, products, location of major
manufacturing plants, total income, profit after tax, net profit margin,
inventory turnover ratio, and debtors turnover ratio).
Key Segments Covered in India Two-Wheeler Aftermarket
Services Industry:-
By Type of Vehicle
Motorcycles
Scooters
By Age of Two-Wheeler
0-2
years
2-4
years
4-6 years
6-8
years
More
than 8 years
By Region
North
South
East
West
By Service Split
Non-Crash
Repair
Crash
Repair
Body
Care
By Type of Workshop
Organized
& Unorganized Multi-Brand
OEM
By Type of Multi-Brand
Organized
Outlet
Unorganized
Outlet
By Brand
Hero
MotoCorp
Honda
TVS
Bajaj
Auto
Suzuki
Others
Request For Sample
Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTE1MDY2
By Electric Two-Wheeler Brand
Hero
Electric
Okinawa
Ather
Ampere
Pure
EV
Others
By Type of Split for Aftermarket Spare Parts and Consumables
Spare
Parts
Consumables
By Expenditure Category
Services
Spare
Parts
Consumables
By Booking Mode
Online
Offline
Consumables
Classification by Spare Parts Type:-
Engine
Components
Suspension/Braking
Transmission
Electronics
Body
and Chassis
Cooling
System
Others
Key Target Audience:-
Two-Wheeler
Organized Multi-Brand Aftermarket Servicing Companies
Two-Wheeler
OEMs
Spare
Parts’ Manufacturers
Industry
Associations
Government
Bodies
Time Period Captured in the Report:-
Historical Period: FY’17-FY’22
Forecast Period: FY’22-FY’27F
India Two-Wheeler Aftermarket Servicing Players
OEMs
Hero
MotoCorp
Bajaj
Auto
Suzuki
TVS
Motor Company
Royal
Enfield
Yamaha
Piaggio
Kawasaki
Ampere
Pure
EV
Ather
Okinawa
Revolt
Hero
Electric
Organized Multi-Brand Aftermarket Servicing Companies
Hoopy
Garage
Works
Mechido
RazorCat
Gobumpr
Garage
Uncle
Garage
2 Ghar
Bike
Fixup
Spot
Mech
Garage
On Call
Ready
Assist
Bike
Mechanic
Protto
Groomauto
Spare Parts’ Manufacturers
Uno
Minda
Spark
Minda
Gabriel
Bosch
India
Amtek
Sundaram
Fastners
Exide
Nifco
Apollo
Tyres
Ceat
Bharat
Forge
Amara
Raja
Motherson
Sumi Systems
Key Topics Covered in the Report:-
Overview
and Genesis of India Two-Wheeler Aftermarket Services Industry
Two-Wheeler
Sales Volume and Two-Wheeler Parc in India
Ecosystem
of India Two-Wheeler Aftermarket Services Industry
Market
Size of India Two-Wheeler Aftermarket Services Industry (Revenue and Number of
Vehicles Serviced)
Average
Ticket Size of Two-Wheeler Service
India
Two-Wheeler Aftermarket Services Industry segmentation (By Type of Vehicle, By
Age of Two-Wheeler, By Region, By Service Split, By Type of Workshop, By Type
of Multi-Brand Outlet, By Brand, By Electric Two-Wheeler Brand, By Type of
Split for Aftermarket Spare Parts and Consumables, By Expenditure Category and
By Booking Mode)
Cross
Comparison of OEMs and Organized Multi-Brand Workshops on the basis of
Financial Parameters (Sales Volume, Total Income, Net Profit Margin, Inventory
Turnover Ratio, Total Expenses, Net Profit and Sale of Spare Parts)
Company
Profile of OEMs and Organized Multi Brand Players (Company Profile, Operational
Model, USP, Business Model, Business Strategy, Services Offered, Sourcing of
Spare Parts, Pricing Packages, Pain Points, Market Share and Recent
Developments)
Growth
Drivers and Challenges to India Two-Wheeler Aftermarket Services Industry
Industry
trends and developments
Government
Initiatives to support India Two-Wheeler Aftermarket Services Industry
Impact
of COVID-19 and Future Outlook of Industry
Porter
5 Forces Analysis of India Two-Wheeler Aftermarket Services Industry
Key
Decision Making Parameters for Two-Wheeler Servicing: OEM and Multi Brand
Two-Wheeler Servicing Companies
Analysis
of Organized Multi-Brand, Unorganized Multi-Brand/Local Garages and OEM
Workshops in India
Overview
of Spare Parts Aftermarket Industry in India, FY’17-FY’27E
Classification
by Spare Parts Type (Engine Components, Suspension/Braking, Transmission,
Electronics, Body and Chassis, Cooling Systems and Others), FY’22
Cross
Comparison of Spare Parts’ Manufacturers on the basis of Operational and
Financial Parameters (Company Overview, USP, Key Customers, Products, Location
of Major Manufacturing Plants, Total Income, Profit After Tax, Net Profit
Margin, Inventory Turnover Ratio and Debtors Turnover Ratio)
Analyst
Recommendations
Industry
Speaks
For More Information
on the research report, refer to below link:-
India Two-Wheeler Aftermarket Services Industry
Related Reports:-
